Gold, diamond production, value up

Value of gold and diamond increased to 365.5 million US dollars in the quarter ended September compared to 360.4 million US dollars on account of increased production.

However on quarterly basis, the Bank of Tanzania Quarterly Economic Bulletin for the quarter ending September shows that the value of gold and diamond declined by 0.5 percent to 365.5 million US dollars in the quarter under review compared to 367.3 million US dollars of the previous quarter.

Production of gold increased by 10.1 percent to 11,437.1 kilogrammes in the quarter ended September compared to 9.7 percent increase to 10,422.4 kg in the corresponding period 2017.

On quarterly comparison, the value of gold decreased to 346.6 million US dollars in the quarter to September representing 0.9 percent change compared to 349.7 million US dollars in the quarter to June. According to the report, diamond production increased by 12.3 percent to 80,457.1 karats in the year ending September compared to 71,659.5 karats in the corresponding period last year.

However, on quarterly basis, diamond production declined by 1.2 percent to 80,457.1 karats in the quarter to September compared to 81,399.0 karats in the quarter to June this year.

The value of gold 18.9 million US dollars representing 27.4 percent in the quarter ended September compared to 14.8 million US dollars in the corresponding period 2017.